Friday, June 6, 2008

"Oil prices shot up more than $10 to a new record above $139 Friday after a major investment bank predicted a spike to $150 in the coming weeks and rising tensions in the Middle East left investors uneasy about supply."

Update: Oil closed at $138.54, according to this report on LATimes.com, which quotes a gas station owner predicting a 10-cent rise in gas prices later today:" - La Times

This photo is as of Thursday, before this happened. So gas is going to pretty much be 5 dollars a gallon in the next month. What's this mean for a city which is completely reliant on automobiles? Well allot of people are going to wake up to the realization that if they want to get anywhere they are only going to have 3 options, walk, bike, or buss. 16 gallon tank at 5 dollars a gallon yep 80$ to filler up could you really afford that?